HUNTSVILLE FORECLOSURE HOMES
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SAVE THOUSANDS ON BANK OWNED AND FORECLOSED HOMES IN NORTH ALABAMA!

Take advantage of todays weak real estate market and $ave Thou$and$ when you purchase a bank owned home. Receive a FREE list of bank owned homes delivered to your e-mail box by registering here:
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There are over 3500 homes for sale in the Huntsville, Madison County area. A growing number of them are bank owned. Most of these bank owned homes will eventually sell for 70-80% of their true value. If you are in the market for a home, shoudn't you consider purchasing a bank owned home and saving 20-30%? REGISTER BELOW TO START RECEIVING YOUR FREE WEEKLY LIST OF FORECLOSED HOMES.

FEATURED PROPERTY

Foreclosed
MLS 1001885 Foreclosure
  • County: MADISON
  • Sch: CHALLENGER, GRISSOM HIGH SCHOOL
  • Huntsville, 35803
  • 3 BD / 4 BA / Rooms 8
  • Sqft: 3314 / Lot: / Acreage: 0.22
$345,000
(256) 679-7061

Directions: From South Memorial Parkway, turn east onto Green Cove Road, South on Ditto Marina Parkway, Right on Indian Lake Drive, House is on the left

Description: .

OUR FORECLOSURE VIDEO

BUYING A HUNTSVILLE ALABAMA FORECLOSED HOME

Purchasing a Huntsville foreclosed property can be much different from buying an average home. Sellers usually need a preapproval letter from the lender as a prerequisite to the offer.There are little room for bargaining unless it is a bank foreclosure in a tough market. The home is deemed as is and all repairs are the responsibility of the buyer.

If you are buying a bank-owned foreclosure or short sale, there is a good chance that the home would be vacant. This reality expedites the buying process. According to Danny Sullivan, one of Huntsville Alabama professional real estate agents, "foreclosures can provide fantastic opportunities for low price homes. However, because most transactions lack the oversight of a regular purchase, cost of repairs may be much more than anticipated."

More than 70 percent of the foreclosure homes on the North Alabama market are sold as distressed homes or short sale. A short sale occurs when the owner of the home allows the bank to sell the home for the amount owed because the home owner cannot afford the monthly payments.

Before you look for foreclosure homes
First you should find a real estate broker / agent who have a knowledge of banks and leaders who have foreclosed homes. Search through our database of foreclosed homes and select those that interest you and are within you budget. These homes can also be refered to as REO or real estate owned, designating the home as foreclosed.

Then, you should check you credit score. You score will determine the interest rate you will pay to the lender or mortgage broker and whether you qualify for the loan based on loan covenants.

Once you meet the banks criteria you should apply for the loan and get a letter of pre-approval from the lender. The letter will indicate how much money you are qualified to borrow.

Good deals of bank owned homes go quickly. Therefore, buyers of foreclosed properties should move fast in locating an agent and getting pre-approved. Do not assume that the bank offering the short sale is the same bank that will be offering the new loan. The department of the lender assigned to get rid of bad assets are usually a separate entity from the department offering the loan.

You real estate broker should do a competitive analysis of homes in the North Alabama area then submit a competitive offer.

The price the bank offers is never in sync with the market. Banks evaluate properties based on a number of variables, including the rate at which they desire to extinguish bad debt. Therefore, properties can be priced too high or too low.

A $100,000 house in need of repairs will be offered for $100,000 if this is the value estimated by the bank or the remaining value of the loan.

Discounts and negotiation for repairs are not considered as the property is sold as is. One should allocate at least 10 percent of the value of the home for repairs when purchasing a foreclosure.